Cedar Realty Trust plans to sell 7.25% series B cumulative redeemable perpetual preferreds

By Stephanie N. Rotondo

Portland, Ore., May 8 - Cedar Realty Trust Inc. will price an offering of 7.25% series B cumulative redeemable perpetual preferreds, according to a prospectus filed with the Securities and Exchange Commission on Tuesday.

Dividends will be payable quarterly on the 20th day of February, May, August and November, and the preferreds can be redeemed on or after May 2017. The preferred shares can also be redeemed, at any time, in the event of a change of control.

Cedar Realty will apply to list the preferreds on the New York Stock Exchange under the ticker symbol "CDRPB."

MLV & Co. and Sandler O'Neill + Partners, LP are the joint bookrunners.

Proceeds will be contributed to the operating partnership in exchange for preferred units of limited partnership interest. The operating partnership will then use the funds to pay down its secured revolving credit facility.

Cedar Realty is a Port Washington, N.Y.-based real estate investment trust.

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